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Xchanging Solutions Limited

NSE: XCHANGING · Unclassified

₹60.70+5.42%06 Nov 2026

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Instant answers about Xchanging Solutions Limited — computed from its filings, no language model
Market cap₹676 cr
Current price₹60.70
High / Low₹95 / ₹48
P/E14.5
P/B1.63
Book value₹37.2
ROE11.2%
ROCE18.4%
Debt / equity0.12
Dividend yield3.29%
EPS (TTM)₹4.18
Face value₹10

Price & valuation

split & bonus adjusted · pick a metric and range

Annual performance

annual · ₹ crore · line = operating margin
showing latest 6 of 9 periods
FY18FY19FY20FY21FY22FY23FY24FY25FY26
Revenue185.9184.1182.3195.7174.3174.4174.4184.9202.9
EBITDA26.142.748.255.453.449.646.853.068.5
Operating margin14.0%23.2%26.4%28.3%30.6%28.4%26.8%28.7%33.8%
Interest0.00.00.10.30.20.11.96.45.4
Depreciation1.20.51.41.40.90.60.50.30.0
Profit before tax40.656.859.369.760.959.666.263.476.7
Tax9.010.14.67.28.314.752.513.817.2
Net profit0.00.00.00.00.044.913.749.659.5
EPS ₹2.844.194.915.614.724.031.234.455.34
Operating cash flow————35.042.0-12.146.841.1
Capex————0.10.00.00.00.0
Dividend paid————0.00.0334.244.622.3
Total assets—————743.2523.1504.2522.8
Equity—————676.2353.9358.7396.1

Quarterly performance

last 31 quarters · ₹ crore
showing latest 8 of 31 periods
MAR '18MAR '19JUN '19SEP '19DEC '19MAR '20JUN '20SEP '20DEC '20MAR '21JUN '21SEP '21MAR '22JUN '22SEP '22DEC '22MAR '23JUN '23SEP '23DEC '23MAR '24JUN '24SEP '24DEC '24MAR '25JUN '25SEP '25DEC '25MAR '26JUN '26SEP '26
Revenue44.148.544.046.845.945.551.252.044.847.744.742.045.143.943.441.445.844.243.342.544.544.144.545.650.750.052.848.851.353.653.2
Operating profit5.016.311.813.86.915.814.515.113.612.212.712.914.114.813.68.013.214.011.611.39.910.710.914.217.416.417.016.119.118.018.4
Operating margin11.4%33.6%26.7%29.4%15.0%34.6%28.3%28.9%30.3%25.7%28.4%30.8%31.3%33.7%31.4%19.4%28.7%31.6%26.9%26.6%22.2%24.2%24.5%31.0%34.2%32.7%32.2%32.9%37.2%33.5%34.6%
Other income4.81.83.83.02.63.38.53.31.92.42.11.92.01.93.12.33.43.65.64.68.05.63.93.93.73.83.33.23.33.63.6
Interest0.00.00.00.00.00.00.10.10.10.10.10.00.00.00.00.00.00.00.00.21.61.61.61.61.51.31.31.41.41.11.1
Depreciation0.20.10.30.30.40.40.50.40.40.20.20.20.20.10.10.20.10.10.10.10.10.10.10.00.00.00.00.00.00.00.0
Profit before tax9.718.015.216.49.018.622.417.915.014.414.614.615.916.516.610.116.417.417.015.616.114.513.016.419.518.819.018.020.920.521.0
Tax3.91.53.6-2.62.80.73.92.90.00.53.9-4.24.91.64.63.25.326.43.219.13.73.93.21.94.95.12.74.84.75.35.8
Net profit0.00.00.00.00.00.00.00.015.00.00.00.00.015.012.00.011.0-9.013.8-3.512.410.69.814.514.70.016.30.016.215.115.2
EPS ₹0.511.481.041.700.561.611.661.351.351.250.951.690.991.341.080.620.99-0.811.24-0.321.110.950.881.301.321.241.461.181.461.361.36
Revenue YoY—10.1%———-6.2%16.5%11.1%-2.5%4.8%-12.7%-19.4%-5.6%-1.8%3.4%—1.6%0.7%-0.3%2.7%-2.9%-0.4%2.8%7.4%14.1%13.5%18.8%7.0%1.1%7.3%0.8%
Profit YoY—————————————————-160.0%15.2%—12.3%—-29.0%—18.3%-100.0%65.6%-100.0%10.9%—-6.6%

Earlier results (standalone, Sep '07 – Dec '17)

₹ crore · from BSE, before the NSE XBRL filings begin

Xchanging Solutions Limited reports consolidated figures above. Quarterly consolidated results only became mandatory in India in 2019, so the earlier history available is the standalone company only (excluding subsidiaries). It is shown separately so the two bases are never mixed.

Full years

showing latest 8 of 10 periods
Dec '08†Dec '09†Dec '10†Dec '11†Dec '12†Dec '13†Dec '14†Dec '15†Dec '16†Dec '17†
Revenue264.3255.6217.9173.099.8112.1149.6120.981.758.8
Operating profit49.049.637.843.310.920.29.216.4-8.1-2.5
Operating margin18.5%19.4%17.3%25.0%10.9%18.0%6.2%13.6%-9.9%-4.3%
Other income—4.16.74.811.711.614.410.77.89.3
Interest8.314.77.43.40.20.20.20.20.10.1
Depreciation11.515.313.98.53.54.34.53.92.31.3
Profit before tax30.320.60.4-119.713.629.013.823.1-2.85.4
Tax1.4-0.11.89.97.27.46.69.41.43.0
Net profit28.920.7-1.5-129.56.421.57.213.6-4.12.4

Quarters

showing latest 8 of 42 periods
SEP '07†DEC '07†MAR '08†JUN '08†SEP '08†DEC '08†MAR '09†JUN '09†SEP '09†DEC '09†MAR '10†JUN '10†SEP '10†DEC '10†MAR '11†JUN '11†SEP '11†DEC '11†MAR '12†JUN '12†SEP '12†DEC '12†MAR '13†JUN '13†SEP '13†DEC '13†MAR '14†JUN '14†SEP '14†DEC '14†MAR '15†JUN '15†SEP '15†DEC '15†MAR '16†JUN '16†SEP '16†DEC '16†MAR '17†JUN '17†SEP '17†DEC '17†
Revenue42.945.248.067.373.975.165.667.061.661.459.050.552.356.158.558.931.723.926.125.124.324.224.928.328.430.535.240.238.535.628.629.532.930.024.819.718.219.017.315.112.613.8
Operating profit3.15.519.213.618.4-2.118.49.911.89.56.010.56.914.413.611.610.97.23.53.81.12.62.19.76.61.81.18.22.9-3.0-2.16.87.93.90.4-3.9-3.8-0.9-5.90.90.12.4
Operating margin7.2%12.2%39.9%20.1%24.8%-2.8%28.0%14.8%19.2%15.5%10.2%20.8%13.1%25.6%23.3%19.7%34.4%29.9%13.3%15.0%4.4%10.7%8.3%34.4%23.2%6.0%3.2%20.4%7.4%-8.3%-7.5%22.9%24.1%13.1%1.6%-19.6%-20.8%-4.6%-33.9%5.9%0.6%17.3%
Other income0.20.10.20.80.1—0.20.22.01.71.81.61.61.81.51.40.91.03.14.51.03.01.11.12.76.71.62.12.97.82.33.02.53.01.91.82.21.82.91.82.02.5
Interest4.73.20.92.02.33.03.53.93.34.12.11.71.52.01.61.30.50.10.10.10.10.00.00.00.00.10.10.10.10.10.10.10.10.00.00.00.00.00.00.00.00.0
Depreciation0.80.90.93.43.73.63.43.64.04.33.43.43.63.53.43.41.10.60.50.70.91.31.01.01.11.21.01.01.01.51.11.00.80.90.70.60.40.60.50.30.30.2
Profit before tax-2.21.517.69.012.4-8.711.72.66.5-0.22.37.03.3-12.210.1-396.9290.8-23.76.07.61.1-1.12.29.88.18.91.79.26.5-3.5-1.18.79.56.01.7-2.7-2.00.3-3.42.31.84.7
Tax0.13.10.41.51.5-2.01.52.20.8-4.60.00.0-0.42.22.00.00.07.81.53.60.81.22.14.83.9-3.41.04.70.90.1-0.33.93.22.71.3-0.1-0.00.1-0.91.30.81.8
Net profit-2.4-1.617.27.511.0-6.810.20.45.74.52.37.03.7-14.48.1-396.9290.8-31.54.54.00.3-2.40.15.04.312.20.74.65.5-3.6-0.84.86.33.30.3-2.6-2.00.1-2.51.11.12.8
EPS ₹0.22-0.151.540.670.98-0.610.910.040.510.400.200.630.33-1.290.73-35.6226.10-2.830.400.360.02-0.210.010.440.381.100.06—0.50-0.32-0.074.300.560.300.03-0.23-0.180.01-0.230.090.090.25
Revenue YoY————72.3%66.2%36.6%-0.5%-16.7%-18.2%-10.0%-24.6%-15.0%-8.7%-0.9%16.7%-39.4%-57.4%-55.3%-57.4%-23.2%1.4%-4.5%12.6%16.7%25.9%41.0%42.3%35.6%16.9%-18.8%-26.7%-14.7%-15.9%-13.3%-33.1%-44.7%-36.6%-30.0%-23.6%-30.7%-27.4%
Profit YoY——————-40.9%-94.5%-48.0%—-77.6%1600.0%-35.8%-422.9%256.4%-5794.0%7844.8%—-44.5%—-99.9%—-97.8%23.4%1485.2%—600.0%-7.5%29.4%-129.5%-207.1%4.8%13.4%——-154.4%-131.7%-96.1%-847.1%——2076.9%

Returns & margins

trailing-twelve-month, per quarter
showing latest 8 of 24 periods
DEC '19MAR '20JUN '20SEP '20DEC '20MAR '21JUN '21SEP '21DEC '22MAR '23JUN '23SEP '23DEC '23MAR '24JUN '24SEP '24DEC '24MAR '25JUN '25SEP '25DEC '25MAR '26JUN '26SEP '26
ROE————————4.1%5.6%2.1%3.1%2.4%3.9%9.4%8.9%14.3%13.8%10.9%12.4%8.4%8.2%12.0%11.2%
ROCE————————9.1%8.8%9.0%11.9%13.0%14.9%14.6%14.8%15.3%15.7%16.6%17.4%17.7%17.6%17.9%18.4%
Net margin0.0%0.0%0.0%0.0%7.8%7.7%7.9%8.4%15.5%21.8%8.0%9.1%7.0%7.9%19.1%16.7%26.5%26.8%20.4%22.8%15.3%16.0%23.1%22.5%
EBITDA margin26.3%26.4%26.9%26.8%30.4%28.3%28.3%28.7%29.1%28.4%27.9%26.8%28.5%26.8%24.9%24.3%25.5%28.7%30.8%32.6%33.0%33.8%34.0%34.6%
Debt / equity————————0.000.000.000.000.000.290.290.320.320.240.240.240.240.180.180.12
Interest coverage587.20457.08369.94324.38322.43268.96248.52267.36538.91597.00673.33678.11256.5036.3919.2212.6810.2410.9712.2013.7714.6615.2016.1217.30
Asset turnover————————0.240.230.240.300.300.330.330.350.360.370.380.390.390.390.400.41

Balance sheet

equity vs borrowings over time · ₹ crore
showing latest 6 of 9 periods
SEP '22MAR '23SEP '23MAR '24SEP '24MAR '25SEP '25MAR '26SEP '26
Share capital111.4111.4111.4111.4111.4111.4111.4111.4111.4
Other equity / reserves540.0564.8400.5242.5219.3247.3255.5284.7303.2
Total equity651.4676.2511.9353.9330.7358.7366.9396.1414.6
Borrowings0.00.00.0104.3104.885.588.871.147.9
Current liabilities54.554.661.955.456.072.069.469.546.1
Non-current liabilities9.612.311.8113.8115.773.676.657.349.2
Total assets715.5743.2585.6523.1502.4504.2512.9522.8509.9
Property, plant & equipment1.81.51.31.10.80.00.00.00.0
Capital work-in-progress—————0.00.0——
Investments0.00.00.00.00.00.00.00.00.0
Inventories0.00.00.00.00.00.00.00.00.0
Receivables7.07.59.111.410.512.212.916.611.9
Cash & equivalents485.9514.9362.7307.7295.5299.9303.2311.0300.9

Cash flow

annual · ₹ crore · line = free cash flow
FY22FY23FY24FY25FY26
Cash from operations35.042.0-12.146.841.1
Cash from investing7.99.735.514.112.9
Cash from financing-1.1-0.5-232.2-70.0-49.7
Capex0.10.00.00.00.0
Free cash flow34.942.0-12.146.841.1
Dividends paid0.00.0334.244.622.3

Where the assets sit

Sep '26 · ₹ crore
Fixed assets (PPE)
₹0.0 cr0%
Receivables
₹11.9 cr2%
Cash & equivalents
₹300.9 cr59%
Other assets
₹197.0 cr39%

Peer comparison

largest in Unclassified · this company in bold
CompanyMarket cap ₹crPriceP/EP/BROE
Avantel Limited36,86,04,549138.69—1059360.680.0%
Ducol Organics And Colours Limited19,55,275120.00—20089.130.0%
Jio Platforms Limited12,57,1811,406.40—3.57—
SBI Funds Management Limited1,01,750499.55———
Tamilnadu Telecommunication Limited91,3149.93———
Manipal Health Enterprises Limited76,294646.70———
INDO-MIM Limited59,0421,219.50———
AvenuesAI Limited45,138129.25153.69.516.2%
Dhoot Transmission Limited32,7611,601.60—8.11—
3M India Limited31,07127,570.0053.817.5732.7%
Xchanging Solutions Limited67660.7014.51.6311.2%

StoxGud checklist: Neutral setup · 6/10

  • Price above 50-day average
  • Price above 200-day average
  • 50-day average above 200-day (uptrend)
  • RSI in healthy 40–70 zone
  • Positive 1-year return
  • Return on equity above 15%
  • Debt to equity below 1
  • Revenue growing year on year
  • Net profit margin above 10%
  • P/E below industry median

A rules-based screen of trend, momentum, quality and valuation. Educational only — not a buy or sell recommendation.

Returns & technicals

1 month-0.6%
6 months-12.1%
1 year-29.7%
3Y CAGR-15.1%
5Y CAGR-10.6%
10Y CAGR-1.4%
50-day avg₹60.19
200-day avg₹63.70
RSI (14)50

FAQs

What is the share price of Xchanging Solutions Limited?

Xchanging Solutions Limited (XCHANGING) closed at ₹60.70 on NSE on 06 Nov 2026.

What is the market cap of Xchanging Solutions Limited?

₹676 crore at the latest close.

What is the P/E ratio of Xchanging Solutions Limited?

14.5, on trailing-twelve-month earnings from its filings.

How fast is Xchanging Solutions Limited growing?

Xchanging Solutions Limited: revenue has compounded at 5.2% a year over three years; net profit at 9.8% a year. Latest-quarter revenue is up 0.8% year on year, profit down 6.6%.

How profitable is Xchanging Solutions Limited?

On a trailing-twelve-month basis return on equity is 11.2%, return on capital employed 18.4%, operating margin 34.6%, net margin 22.5%.

How much debt does Xchanging Solutions Limited have?

Xchanging Solutions Limited is lightly geared: debt to equity is 0.12 with borrowings of ₹48 cr against cash of ₹301 cr (balance sheet of 2026-09-30). Operating profit covers interest 17.3 times.

Financials parsed from Xchanging Solutions Limited's own XBRL filings to NSE (consolidated), ₹ crore unless marked. Quarterly from MAR '18, annual from FY18, balance sheet from Sep '22. * = derived (full year or half year minus earlier quarters). Information only, not investment advice.